Size:Up to $75 million (with the ability to accept oversubscriptions of up to $25 million at Investore’s discretion)

Interest Rate: TBA

To be determined by Investore in conjunction with the Arranger following a bookbuild, and announced via NZX on or about the Rate Set Date. The Interest Rate will be equal to the sum of the Swap Rate and the Issue Margin but in any case will be no less than the minimum Interest Rate announced by Investore via NZX on or about 12 March 2018.

Listing: Application has been made to NZX Limited for permission to quote the Bonds on the NZX Debt Market. Ticker code IPL010 has been reserved for the Bonds

Brokerage: Nil brokerage payable by investors

PLEASE NOTE: There is no public pool therefore there is no official retail application. If you are a retail investor, please contact your adviser or broker to assist you in sourcing this, as this is an institutional offering.

Important Dates

Opening Date: Wednesday, 21 March 2018

Closing Date: 5:00pm, Thursday, 12 April 2018

Rate Set Date: Tuesday, 20 March 2018

Issue Date: Wednesday, 18 April 2018

Quotation Thursday, 19 April 2018

If you wish to bid through us, please advise your demand number by no later than 5.00pm Wednesday, 11 April 2018

Registering your interest does not have any obligation to purchase these bonds. No money is sought at this point.

Please note the allocation may be scaled depending on availability.

Disclaimer:Investors must consider whether or not an investment in any of the companies highlighted above is suitable for them given their specific investment goals, objectives, tolerance to risk and personal financial circumstances.Disclosure Statement is available free of charge upon request.Email PrivilegeAll emails sent from Equity Investment Advisers Ltd (Equity) may be confidential and subject to legal privilege. If you are not an intended recipient, you may not use, disseminate, distribute or reproduce such email, any attachments, or any part thereof. If you have received a message in error please notify the sender immediately and erase all copies of the message and any attachments. Financial AdviceAny advice provided in relation to financial products is general in nature and is not personalised. This type of service is defined in the Financial Advisers Act 2008 as a ‘class service’. A ‘class service does not take into account a clients personal financial position, their goals or objectives or their risk preferences.Disclosure statements can be obtained free of charge by calling us on 0800 437 8489 or by email: offer@equity.co.nz